Pls help ASAP on both 58 of 90 Your insured whose automobile is being used for pleasurepurposes informs you he/she has been promoted to the salesstaff of his/her company and will now be using the automobilefor business also. What action should you take?Mark the file to re-classify the policy on renewal.Cancel the policy and re-write it for commercial use.Leave the policy as it is.Advise the insurer of the change in use of the vehicle.inctoad 57 of 90Brokers may bind risks in accordance with the terms of theirCompany-Broker agreements. Which one (1) of the followingstatements about Cover Notes or Binders is correct?Binders may be oral or written.Only written binders are legal.All binders expire automatically seven days after their effective.Binders only become effective after a premium is paid for them.

Answered: 58 of 90 Your insured whose automobile…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Pls help ASAP on both

58 of 90 Your insured whose automobile is being used for pleasure
purposes informs you he/she has been promoted to the sales
staff of his/her company and will now be using the automobile
for business also. What action should you take?
Mark the file to re-classify the policy on renewal.
Cancel the policy and re-write it for commercial use.
Leave the policy as it is.
Advise the insurer of the change in use of the vehicle.
inctoad

57 of 90
Brokers may bind risks in accordance with the terms of their
Company-Broker agreements. Which one (1) of the following
statements about Cover Notes or Binders is correct?
Binders may be oral or written.
Only written binders are legal.
All binders expire automatically seven days after their effective.
Binders only become effective after a premium is paid for them.

Expert Solution

Step 1: define insurance

Insurance is a financial arrangement or contract between an individual or entity (the insured) and an insurance company (the insurer). In this arrangement, the insured pays a regular premium to the insurer in exchange for financial protection and coverage against specific risks or losses.

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